W. Va. Code R. § 114-103-10

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-103-10 - Discontinuance of Business; Cancellation of License; Death, Incapacitation or Incompetence of Bail Bondsman

10.1. Any bail bondsman who discontinues writing bail bonds during the period for which the bail bondsman is licensed, shall inform the Commissioner, in writing, within 30 days after the discontinuance.

10.2. In the case of death, incapacitation, or incompetence of a licensed bail bondsman, the spouse or surviving spouse, next of kin, person or persons holding a power of attorney, guardian, executor or administrator of the bondsman may contract with another licensed bail bondsman to perform those duties to have the licensee's outstanding bail bond obligations resolved. The contract must be filed with the Commissioner and every clerk of court where it can be determined the bondsman has pending outstanding bail bond obligations.

10.3. A bail bondsman may contract to transfer, convey, or assign the bondsman's business to another licensed bail bondsman. The contract shall include a list of the transferring bondsman's pending, outstanding bail bond obligations and shall be filed with the Commissioner. The contract shall allow for the transferring bondsman to transfer, convey, or assign assets to the purchasing bondsman that include, but are not limited to, any cash or approved securities, with the Commissioner as security for bail bonds. Notwithstanding the filing of the contract with the Commissioner, the transferor remains responsible for all outstanding bond obligations until relieved from an individual obligation or satisfaction of any final judgment of forfeiture entered thereon.

W. Va. Code R. § 114-103-10